to go to the white house and sign in law. fiscal cliff legislation failed out of the senate, 89 89-8, has hit an iceberg potentially. the house of representatives, concerns about the bill from the conservatives and liberals. fox business network anchor cheryl casone joins me in new york with a look at how investors here and abroad possibly may react to all of this. cheryl, happy new year first of all. >> happy new year. >> bret: the markets were closed for the holiday, but what effect will this have potentially when the trading opens back up? >> incredibly negative effect. there are a couple of things happening. we're 35 minutes away from tokyo's market opening. that will give us a first clear indication of what the thought process is around the world about the problems as the roadblock if you will that we have hit in america. an australian trader sending a note out saying if the americans wake up on wednesday they have less money in their paychecks and they are paying more in taxes, there is no deal in washington, it will be